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Taubman Centers said it will turn over a boardwalk mall it owns in Atlantic City, N.J., to its lender. Taubman attributed the move to recession-reduced traffic at the mall. "Taubman has made the decision not to fund the negative cash flow, and we're going to start talking to the lenders about restructuring the debt," Taubman Centers Chief Financial Officer Lisa Payne said.

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Taubman Centers said it will turn over a boardwalk mall it owns in Atlantic City, N.J., to its lender. Taubman attributed the move to recession-reduced traffic at the mall. "Taubman has made the decision not to fund the negative cash flow, and we're going to start talking to the lenders about restructuring the debt," Taubman Centers Chief Financial Officer Lisa Payne said.

At the end of the month, Kohl's will open in 35 former Mervyns locations, and the retailer's bet could pay off big for local economies. But Kohl's faces challenges as it targets midrange shoppers, who are really feeling the recession.

Nordstrom is opening a new store in Cincinnati this week in the General Growth Properties-owned Kenwood Towne Centre. This marks the first upscale department store to open in 25 years in the Greater Cincinnati and Northern Kentucky area. The company focuses on providing excellent customer service, which starts by hiring and training the right kind of employees.

Commercial mortgage-backed securities surged last week, partly as a result of new tax rules that might increase modifications. But the changes are not expected to help all borrowers. "[O]ur view is that for loans that are deep underwater, and there are many of these, the new guidelines would not help," Bank of America Securities-Merrill Lynch analysts said in a research note.

At Saks' New York flagship, a new designer floor offers 49 top labels and details such as fitting rooms with views of Rockefeller Center and St. Patrick's Cathedral. The retailer also is the first U.S. department store to house a boutique that focuses on Louis Vuitton clothing, as opposed to bags.